Crude prices fall on mixed Chinese economic data

Oil prices nudge up on Chinese economic data

Pump jacks extract crude oil from oil wells in Midland, Texas, US, on Dec 17, 2018.

More than half the daily crude production in the U.S. Gulf of Mexico remained offline on Tuesday in the wake of Hurricane Barry, the U.S. drilling regulator said, as most oil companies were re-staffing facilities to resume production. By late Monday afternoon, it was a post-tropical cyclone and dropping up to 4 inches (10 cm) of rain on Arkansas. That marks an improvement from Sunday, when nearly 73% of oil and 62% of natural-gas output was down.

Crude has gained this month because of shrinking US stockpiles and rising tensions in the Middle East.

The Organisation of Petroleum Exporting Countries is also predicting a less than promising outlook, warning on Thursday of a glut in 2020 on the back of surging American shale.

Brent crude futures for September fell 15 cents, or 0.2 per cent, to $66.57 a barrel by 0611 GMT while U.S. crude for August was down 24 cents, or 0.4 per cent, at $59.97 a barrel. Brent for September settlement was $0.24 higher at $66.96/bbl on the ICE Futures Europe Exchange. Prices rose 3.9% last week.


"This market's muted response to Gulf Coast storm activity appears to suggest that (Gulf of Mexico) production curtailments will prove minimal while any lost output could easily be offset", Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.

Despite a truce agreed between the Chinese and U.S. presidents last month, the trade war remains unresolved.

Despite the lowest Chinese economic growth in almost three decades, industrial data wasn't all that bad and helped oil prices edge up early on Monday morning, with prices additionally supported by the fact that 72.82 percent-or to 1,376,265 bpd-of the current oil production in the U.S. Gulf of Mexico was shut-in as of Sunday in response to the tropical storm Barry.

The International Energy Agency said Friday that production cuts by OPEC and its allies failed to prevent the return of a surplus in the first half of 2019 as supply exceeded demand at a rate of 900,000 bpd.

China's gross domestic product rose 6.2% in the second quarter from a year earlier, below the 6.4% expansion in the first quarter and matching economists' estimates.

Related News:

  • Facebook's Libra could be misused, says treasury chief Mnuchin

    Facebook's Libra could be misused, says treasury chief Mnuchin

    Facebook would make it easy for users of its digital wallet Calibra to move its financial data to another digital wallet, he said. The Justice Department and the Federal Trade Commission are pursuing antitrust investigations of the four major companies.
    Harlech street new record holder for steepest in the world

    Harlech street new record holder for steepest in the world

    It was excused for not presenting blueprints older than 1842 as the street is believed to have existed for more than 1,000 years. Residents of Ffordd Pen Llech didn't seem to feel too bad about taking the title from New Zealand's Baldwin Street.
    Taika Waititi will return to write and direct 'Thor 4'

    Taika Waititi will return to write and direct 'Thor 4'

    We don't really know what the story could be about, but hopefully it will pick up after Guardians of the Galaxy Vol. 3 . Executives are reportedly hoping that Waititi will re-commit to Akira after he wraps the new Thor movie.
  • Social Media Under Fire After Teen's Corpse Posted Online

    Social Media Under Fire After Teen's Corpse Posted Online

    According to one local news report , the man told police he had murdered his girlfriend and meant to kill himself with the knife. They utilised this as a means of communication primarily, and their relationship progressed into a personally intimate one .
    Pag Island fire in Croatia forces Zrce beach party-goers' evacuation today

    Pag Island fire in Croatia forces Zrce beach party-goers' evacuation today

    According to the Daily Mirror newspaper, citing an eyewitness, at least one club has been evacuated. Acts in the line-up included United States hip hop artist Tyga and British rapper Stefflon Don.
    Memphis Grizzlies Full MGM Resorts NBA Summer League Championship Trophy Ceremony

    Memphis Grizzlies Full MGM Resorts NBA Summer League Championship Trophy Ceremony

    Bruno Caboclo and Dusty Hannahs also had 15 points for the Grizzlies, while Tyler Harvey added 12 points and five assists. The NBA Summer League is over for the Boston Celtics , so the focus now shifts to training camp and the regular season.
  • Increased social media use leads to increased feelings of depression

    Increased social media use leads to increased feelings of depression

    The surprise was what turned out to be, video games are not associated with symptoms of depression. There was also a connection found between television watching and depressive feelings.
    Waze will now show toll prices

    Waze will now show toll prices

    You might get announced that you are approaching a toll or that one exists on the road, but none of them tells the price. As of today, Canadian and American drivers can see if they need to pay any toll along their route and how much it is.
    Becker - Djokovic deserves more respect

    Becker - Djokovic deserves more respect

    When the crowd is chanting: 'Roger!' I hear: 'Novak!' It's similar, Roger... "I didn't become a tennis player for that". He has time on his side, being a year younger than Nadal and more than five years younger than the legendary Swiss.
  • Rohit, Bumrah in ICC's WC XI, no place for Kohli

    Rohit, Bumrah in ICC's WC XI, no place for Kohli

    New Zealand also ended at the same score but for the loss of one wicket, paving the way for an English victory on boundary count. Bumrah picked up 18 wickets in the tournament and became the second-fastest Indian bowler to complete 100 wickets in ODIs.
    Empty Promises? Ursula Von Der Leyen Would Support Brexit Extension

    Empty Promises? Ursula Von Der Leyen Would Support Brexit Extension

    Officials in the von der Leyen camp acknowledge that the vote will be a cliffhanger but say that she will scrape by. Ms Von der Leyen is now the European Council's proposed candidate for President of the European Commission .
    11-year-old girl says her iPhone 6 exploded, Apple investigating

    11-year-old girl says her iPhone 6 exploded, Apple investigating

    Now, the company has finally discontinued the iPhone 6 , iPhone 6s , iPhone 6s Plus as well as the iPhone SE in the country. My child could have been caught on fire and she could have been hurt more and I am glad she's ok", Maria Adata told 23ABC .


Most liked

Jeffrey Epstein Bail Decision Delayed, More Accusers Coming Forward
The other victim, Courtney Wild, told Berman she was sexually abused by Epstein when she was 14 years old in Palm Beach. They say the passport expired more than 30 years ago and that prosecutors offered no evidence that Epstein ever used it.

Yemen’s warring sides meet ‘aboard United Nations vessel’ over port city Hodeida
The conflict in Yemen began with the 2014 takeover of the capital, Sanaa, by the Iranian-backed Houthi rebels. Negotiations between the warring factions were first kicked off last February.

Ebola Continues to Spread Across Congo
The two top UN officials were chairing a high-level event on the ourbreak that included the DRC Minister of Health, Dr. We have dedicated paediatricians working within the Ebola Treatment Centres to provide child-specific medical care.

Cavaliers expected to waive J.R. Smith by end of Monday
The Lakers had been one of the more prominent teams mentioned because of the presence of former Cavaliers forward LeBron James . The Athletic's Joe Vardon reported earlier in the day the team would waive Smith if they couldn't manage to trade the shooter.

Tringale, Landry tied for John Deere lead after 54 holes
Rookie Collin Morikawa (66), the runner-up last week in Minnesota, and Chris Stroud (67) followed at 17 under. I'd obviously won on The European Tour, but my exemption was running out at the end of this year", he said.

Harry Styles in talks to play Prince Eric in ‘Little Mermaid’ remake
It was previously announced that in the lead role of Ariel , originally voiced by Jodi Benson, will be singer Halle Bailey .

Music legend Johnny Clegg dies
He is best known for music he recorded with his bands Juluka and Savuka and was affectionately known as The White Zulu. In 2012 Clegg received the presidential Order of Ikhamanga as well as a number of honorary doctorates and awards.

Death toll in Nepal floods rises to 55, thousands displaced
The downpours have eased but authorities still fear the death toll could rise, according to police spokesman Bishwaraj Pokharel. Floods and landslides caused by heavy downpours wreaked havoc in the region, killing at least 100 people in a week.

Trump invokes support for Israel to defend racist remarks
Former London mayor and former foreign secretary Boris Johnson said the president's comments were "unacceptable". Mr Trump's tweets on Sunday morning were sent before he headed to his golf club in Sterling, Virginia.

Grab A Switch Lite For $288
In the present day, Nintendo revealed the Switch Lite , designed as an cheap different to the original tablet/console hybrid. The Switch Lite additionally feels more sturdy because the Pleasure-Con controllers are actually a part of the system.

Did Meghan Markle Address Her and Prince Harry's Haters?
Fans of both female superstars went wild on social media and took to Twitter to share their excitement of this epic meeting. What do you think about the criticism against Meghan? "'MY PRINCESS'. from Beyonce's mouth I CAN NOT BREATH", said a third.

Goldman Sachs' sales slump, but it remains the king of Wall Street
Banks can not announce dividend increases or new plans to buy back stock unless the Fed gives their capital plans a green light. Northern Oak Wealth Management Inc. increased its position in Goldman Sachs BDC by 5.0% during the 4th quarter.

Watch Neil Young and Bob Dylan duet Will The Circle Be Unbroken
Updates and announcements will be made through the official Bob Dylan website and the Neil Young Archives respectively. Young has performed it a handful of times since 1995, with and without Willie Nelson as a duet partner.

Space Jam 2 Has Had A Director Shakeup
Deadline reports that the sequel to the 1990s most inexplicably beloved children's film now has a new director, with Malcolm D. Nance created the HBO TV series Random Acts of Flyness and directed the indie pic The Oversimplification of Her Beauty .

In The Amazon Prime Day, There Are Amazing Deals For Fitbit
To scoop up any of the Prime Day TV deals from Amazon on Monday or Tuesday, you'll have to be a member of Amazon Prime. Shoppers can expect to enjoy savings of up to 80% off RRP on some items, with hot new deals added throughout the sale.